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1、文献出处：OumaOP.Therelationshipbetweendividendpolicyandfirmperformance,areview[J].Europeanscientificjournal,2010,8(9):57-63.标题：Therelationshipbetweendividendpolicyandfirmperformance,areview作者：OchuodhoPeterOuma期刊名称：Europeanscientificjournal发表时间：2010外文原文Therelationshipbetwe
2、endividendpolicyandfirmperformance,areviewKatherineRenAbstractThisarticleisareviewofthestatusofrelationshipbetweendividendpolicyandcorporateperformancebetweenarereviewed.Theirresearchfoundthatmanyfactorsaffectthelistedcompanies1dividenddistributionpolicy,butalsoonther
3、elationshipbetweenthedividendpolicyandcorporateperformanceweremulti-regionalmulti-sectorverification,theveryrichresearchresults.Keywords：Dividendpolicy,Corporateperformance,Review1.SummaryofFactorsAffectingDividendPolicyHiggins(1972)presenceofatargetcompanyinordertoim
4、plementtheremainingcapitalstructureanddividendpolicyasapreconditiontoestablishadividendmodel,foundthatinvestmentandprofitsaffectdividend,thatdividenddistributionduringtheperiodduetothedifferencesindifferentinvestmentandprofitrequirements.Fama(1974)conclusionsandHiggin
5、sonthecontrary,hebelievesthatthedividendpolicyandinvestmentdecisionsareindependentofeachother,tosupportitsconclusionsMillerandModiglianidividendsandinvestmentindependentpointofview.Jensen(1976)researchindicatesthatgrowthopportunitieswiththecashdividendpayoutratiowasan
6、egativecorrelation,namely:Ifthecompany'srelativelyhighgrowthopportunities,lesscashflowatitsdisposal,atthistimecashdividendpaymentshareholderstolerableraterelativelylow.EmpiricalStudyfactorsonthe1000listedcompanies1dividenddistributionpolicycarriedoutandfoundthat:inthe
7、1974-1980period,thecompany'sseniormanagement,theproportionofsharesheldbythesizeofthepaymentofcashdividendsnegativecorrelationrelationshipandthedegreeofdispersionanddividendpayoutratioofthecompany'sequitywaspositivelycorrelated,thatisahigherdegreeofdispersiononahighlev
8、elofdividendpayments(Rozeff,1982).BakerandEdelman(1985),thefinancialdirectoroftheNewYorkStockExchangelisted318companiescondu
